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BTC surged to over $66,000 on Wednesday as U.S. inflation data heightened the prospects of the Fed cutting interest rates in the coming months. BTC, like other risk assets, is susceptible to predicted changes in major central banks' monetary policy.Following the most recent data release, Bitcoin was seen erasing its gains at the time of writing alongside several major cryptocurrencies.
The latest data releases suggest that U.S. weekly jobless claims remain elevated, while April import and export prices both rose sharply on the month. Import prices rose 1.1% in April. As it stands, eyes are on BTC's daily 50-day SMA at $65,111 to act as an intermediate support to halt BTC's current price declines. Bulls might need to defend this key support level to prevent declines near $60,000. On the other hand, if buyers sustain the BTC price above the 50-day simple moving average, this might trigger a possible rally to the resistance at $73,777, where bears are expected to put up a fight.
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